Insurance Meltdown Leaves Louisiana And Florida At High Risk In 2022
What’s Happening In the Sunshine State-Florida?
Florida homeowners face the same issue as in Louisiana. The heightened risk of large storms threatening to make landfall — after Hurricanes Harvey, Michael, Florence, Dorian, and Ida — coupled with a stream of litigation has significantly affected the state’s insurance market.
On the top of that, Federated National, which insured 140,000 Florida policyholders, had to go through a court-ordered restructuring agreement and cancel 56,000 plans after an insurance rating agency downgraded the firm’s financial standing.
A real estate agent named Ivis Fernandez, who lives in Homestead, 35 miles south of Miami, also shared that she was unhappy that her policy with FedNat was canceled. She mentioned it was the second time she got her home insurance policy within three months. Also, she shared with the reporter paperwork showing she had been paying the carrier $3,002 a year, compared to $1,682 with another insurer in 2019.
